Honorable Bill Ratliff, Chair, Senate Committee on State Affairs
John Keel, Director, Legislative Budget Board
SB1601 by Ellis, Rodney (Relating to unclaimed funds in class actions.), Committee Report 1st House, Substituted
The bill would amend Civil Practices and Remedies Code, Chapter 31 to add a provision relating to the distribution of unclaimed funds in class action litigation. The bill would allow a court, at its discretion, to forward the balance of unclaimed class settlement or judgment funds to the Supreme Court for deposit into a trust fund for unclaimed class action settlement or judgment funds. The Supreme Court would approve distribution of the funds to programs that provide civil legal services to the indigent. To the extent that certain class action lawsuits may result in unclaimed funds for distribution to programs providing basic civil legal services, the fiscal implication of such distributions is not anticipated to be significant.
Because the bill would create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source, the fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature. The bill would take effect September 1, 2003.
201 Supreme Court of Texas, 212 Office of Court Administration, Texas Judicial Council, 304 Comptroller of Public Accounts
JK, RR, VDS, TB